Innovation and Commercialization

INNOVATION AND
COMMERCIALISATION

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Innovation and its importance in comparison to invention....................................................1
P2 Role of organisational vision, leadership, culture and teamwork in innovation....................3
TASK 2............................................................................................................................................4
P3 4 P's of innovation and usage of innovation funnel...............................................................4
P4 Frugal innovation and its application.....................................................................................5
TASK 3............................................................................................................................................6
P5 Significance of Commercial Funnel and implementation of New Product Development.....6
P6 Innovation Business Case......................................................................................................7
TASK 4............................................................................................................................................8
P7 Different tools that Wiser use to develop, retain and protect intellectual property...............8
CONCLUSION................................................................................................................................8
REFERENCES..............................................................................................................................10

INTRODUCTION
Innovation is about new things. These days there is requirement for organisation to come
with new things. There are changes in operations of company which has to be delivered to
workers. There are some goals and objectives of company, it is essential to innovate things
which makes targets achieved (Aarikka-Stenroos and Sandberg, 2012). This report is based on
Wiser which is a recruitment firm and aims at providing best candidates to workers. In this report
there is discussion about innovation and invention and its difference, culture, teamwork,
leadership, etc. affects innovation in firm. 4 P's of innovation, use of innovation funnel, new
development plan for product and services are discussed here. There are some rights which are
governed under legal law to take care innovation of person. It is important to take care of
employee's issue they are suffering and in case they are facing problem then it must be resolved
by manger. There is requirement of some special qualities to achieve innovation in practical
knowledge.
TASK 1
P1 Innovation and its importance in comparison to invention
These days there is requirement to improve quality of product and services timely. This is
important for company as well as society. There are many changes taking place in society and it
is important for company to achieve business objectives. These days changes are taking places
very frequently and it is important to perform to give emphasis on working style. There is
requirement of proper planning, which assist company to achieve its goals and objectives. This
helps company to improve image in industry (Bogers and West, 2012).
Definition of Innovation
There is requirement of different things to satisfy need and demand of consumer. These
days environment is changing very frequently so it is important to give prefer to innovation.
Innovation means change in current product or service, this change is in positive way. So there
will be some up-gradation happening in product or services. As in case of Wiser firm they
upgrade their technology to train personnel with upgraded technique. They have new methods to
train disables at their place through videos, audios, etc. Through innovation there is difference
between before and after technology. This helps company to provide satisfaction to workers as
well as customer.
Difference between Innovation and Invention
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Sometimes people think that innovation and invention are same and they use it
interchangeablely , but it is not so. Difference between both terms are discussed below-
Innovation Invention
Innovation is done adding value in existing
product and services.
Invention is launching something new.
There is involvement of various departments of
company and aims at satisfying need of
customer.
R&D department works to invent inj thing in
society.
Innovation is done to satisfy need of existing
customer after analysing problems.
Invention is done to creating new demands in
association.
There is requirement of management skills. In invention there is requirement of technical
skills.
Importance of Innovation for employees
Innovation in Wiser is done b y top level management to achieve business objectives. It is
essential to perform operations as per objectives of company. There are one and other methods
which are used by company as per perception of individual. But this innovation is important for
employees, in improving their efficiency and effectiveness (Chun and et. al., 2015). Importance
of innovation for employees are as under-
Enhancement in production- There are possibilities that due to change in working style
this helps to improve production of company. In Wiser Firm, they come with new idea to train
disables this aims at achieving and improving production techniques.
New ideas and thoughts- Through innovation employees also get chance to work under
new environment. Manager of company must give chance to employees to give their and it must
be used in business operations. This motivates them to give more new ideas.
Improving skills and efficiency- Innovation is about something new so it is important to
perform efficiency of company (Cui, and Wu, 2016). So there will be utilisation of methods
which are specific for company as well as employees. This encourages workers to give their best
and they feel competent to outer world.
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